Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I have an example. The existing minimum amount is €119,000. If that is being reduced, €56,000 will be pushed into an ARF and then become laible to income tax. It means a person will be obliged to draw down a certain amount. These figures were increased in last year's Finance Bill. It means his or her tax liability will be increased as a result, but his or her minimum retirement fund is actually quite small. It will go down to €63,000 which is not an adequate minimum retirement fund for any individual.